Manulife US Reit says lenders mainly from Singapore’s local banks

The life insurance company said none of its lenders is US-based.

In a local bourse filing, Manulife US Reit clarified news on numerous queries regarding US regional banks and investors' perceptions toward US real estate funds.

“Manulife US REIT’s lenders comprise mainly local Singapore banks and international banks. None of its lenders are US regional banks,” the insurance firm said in the filing.

The announcement was posted after the stock dropped 14% to $0.29 (US$0.215) apiece on Monday.

Manulife US Real Estate Management Pte. Ltd., the manager, said the unsecured sustainability-linked loan facility had been fully drawn to refinance its Phipps mortgage loan worth $139.47 (US$105).

“Manulife US REIT will not have any refinancing requirements until 2024 and 100% of its loans will be unsecured” they added.

ALSO READ: Are S-REITs worth investing amidst refinancing risks?

As stated on 15 March, Manulife US Real Estate Management is still in the process of a potential acquisition of its shares by Mirae Asset Global Investments. Along with this is the possible subscription of new units in Manulife US Reit.

Manulife US said further listings will be posted in the local bourse if any developments on the material occur.

“In the meantime, unitholders of Manulife US REIT and investors should exercise caution when dealing in the units of Manulife US REIT and its subsidiaries” the statement added.

$1 = US$0.75